Pakistan Oil Imports increase by 20 Percent. In actual, the oil imports went up by 20% YoY (+7% MoM) to 1,516K tons during November ’23 as compared to 1,259K tons during November ’22. It Includes RLNG, imports also increased by 1% YoY (-1% MoM) to 2,069K tons during Nov’23. Moreover, the imports of Mogas decreased by 30% YoY. However, imports of HSD and crude oil increased by 77% YoY, and 33% YoY, respectively.

Read: What happens if Pakistan defaults on its loans?

During FY24, imports (including LNG) declined by 6% YoY to 9,787K tons (-9% YoY to 6,419K tons, excluding LNG). Yet, there was a significant increase in MoM terms. Pakistan Oil Imports increase by 20 Percent.

Pakistan’s economy is highly reliant on imports and there are several products the country imports every year. However, it has left a huge dent on overall economy of the country. Moreover, Pakistan spends a huge budget on oil imports every year. The country was likely facing a default in the last year. However, the country was able to avert the default after stopping the imports completely for several months. It involved blocking of imports of essential items as well.

Yet, the current increase in imports show that there is an increasing economic strength in the country.